Seven-Eleven Japan under Fire for Insufficient Mobile Payment Security

Economy

Tokyo, July 6 (Jiji Press)--Seven-Eleven Japan Co. has been under fire for failing to take sufficient security measures in launching its 7pay smartphone payment service.

The Seven & i Holdings Co. <3382> unit put too much priority on an early start of the mobile payment service, critics said.

Seven & i said Thursday that about 900 7pay users are believed to have lost a total of 55 million yen due to unauthorized access.

Services based on smartphone applications widely use two-step authentication for identity confirmation, in which a user needs to enter an authentication code sent via a short message.

The FamiPay smartphone payment service being offered by Seven-Eleven Japan rival FamilyMart Co. uses two-step authentication.

[Copyright The Jiji Press, Ltd.]

Jiji Press